The Regulating Silver Coin, Made Practicable and Easie, to the Government and SubjectPratt, Samuel
History
The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject
Pratt, Samuel
Coinage -- Great Britain -- Early works to 1800; Great Britain. Parliament -- Early works to 1800
_Then three ounces of Silver at_ 6 s. 8 d. _an ounce, Coins_ 20 s. _of
the new Standard, allowing 2, 3, or 4 d._ per _ounce for Coinage; seeing
the setting up so many several Mints more than ordinary must be very
chargeable_.
And here must be noted, That let _Silver_ Rise or Fall as much as it
will, it Alters very little the process of the _Theorem_, for it need
have no other effects than making the _Money_ bigger or less, unless the
3^d _Corolary_ following be admitted.
_At this Rate then when 3500000 Ounces of this Plate is Coin’d into
MONEY it will produce after the aforesaid rate_ 1166666 l. 13 s. 4 d.
_to which add the_ 250000 l. _paid before hand for it, and now there is
paid in all for the 4000000 of Ounces of Plate_ 1416666 l. _what it
Cost; and the King hath 500000 Ounces of Plate by Him, which at_ 7 s. 1
d. _an Ounce stands the Government in_ 177088 l. 6 s. 8 d.
_But because it cost the King dear for his present Necessities, the_
Lords _of the_ Treasury _cannot allow more for it than it will produce
when Coin’d_.
And if the necessities of State require that this Silver should be sent
and Coin’d in _Flanders_, that it may go farther there than it can here
for the immediate use of the Souldiers, then the Commissioners of the
Accounts will probably account for it, according to its Value beyond
Sea; and then the Government shall still be a greater Loser by it; so
the _Lords_ of the _Treasury_ cannot allow for it more perhaps than
150000 l. what ever it be more or less, the case will stand thus at the
least.
_There is now of New Money Coin’d_, 2416666 l. 13 s. 4 d. _and this
last_ 150000 l. _being advanced to the King for his present Necessities
abroad, either to Coin in_ Flanders, _or to send over in Bills, will go
towards the payment of the Million of Clipt money. But if it be probable
as Mr._ Lounds _seems to intimate, That People may Voluntarily bring in
a great deal of Plate at_ 6s. 6d. _an Ounce; then it is much more
probable, that they will be quicker in bringing it in at_ 6 s. 7 d. _an
ounce; and if so, the Government Saves out of my Proposals_ 6 d. _an
Ounce, which in_ 4000000 _Ounces comes to_ 100000 l. _And then there
will be_ 250000 l. _paid in recompence of the Clipt Money, and there is
but_ 750000 l. _Remaining_.
Or put the case Shorter and Plainer, the Government wants 1000000 l.
worth of Silver, and is willing to give 25 _per Cent._ more for it than
the common price.
If that vast Allowance be made for fear of a sudden and fatal stop to
all manner of Trade for want of Money, yet the 250000 l. Saved out of
the Clipt Money, will make good the Bargain.
And then Four parts in Five will Coin a Million of Money, and still
there will be another 250000 l. worth left towards the paying of the
Clipt Million, and but 750000 l. remains Unpaid.
And upon this Easier supposition we will proceed; because it is likewise
cheaper to the Nation than the Buying of full 4000000 ounces of Silver.
Public-domain text, read in full here on John Shaqi.
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